- Base10 Partners raises $850 million in two new funds, bringing total assets under management to $2.6 billion, with support from CalPERS, Sofina and other institutional investors
- The San Francisco firm is one of the world’s largest Black-led VC funds, backing category leaders such as Nubank, Brex, Instacart, Notion, and HappyRobot.
- Base10 reinforces its founding theme that the biggest winners in AI will not be model builders, but companies that apply AI to logistics, finance, healthcare, and operations.
Most venture companies chasing AI have pivoted to chasing AI. Base10 Partners has been running towards the same theme since 2018. Now, with $850 million in fresh capital and $2.6 billion under management, it has the firepower to prove its bets correct.
The San Francisco firm, one of the world’s largest Black-led venture capital funds, has closed two new funds: a seed and Series A vehicle (Fund 4) and a Series B fund (Fund 2). LPs include CalPERS, Sofina, endowments, sovereign wealth funds, and other institutional investors. The capital is already in place.
Base10 was founded in 2018 by Adeyemi Ajao and TJ Nahigian based on a simple and old-fashioned idea. That means the most enduring AI opportunity lies not in building foundational models and developer tools, but in automating the industries that actually run the world, such as logistics, financial services, healthcare, transportation, and construction.
When the firm launched its first fund, LPs rebelled. “Applied AI was too ‘niche’ and not ‘commonplace’, so we had to change to automation,” Ajao says. That frame is quite old.
portfolio
The company’s current roster includes some of the most well-known names in technology. Nubank and Brex are Latin America’s largest digital banks, along with Instacart, Notion, Figma, Stripe, Motive, and HappyRobot. HappyRobot closed a $44 million Series B led by Base10 in September 2025 to automate logistics operations using AI voice agents.
Mr. Ajao joined Motive’s Board of Directors in December 2025. “He brings a unique perspective on turning AI innovation into lasting enterprise value,” said Shoaib Makani, co-founder and CEO of Motive.
The firm focuses on seed to Series B investments targeting companies before the market has fully priced in the potential of the category. The company says several Base10 portfolio companies have now grown revenue from zero to tens of millions within 12 months.
why now
“We currently have several portfolio companies that are applying AI to the real economy, growing revenue from zero to tens of millions within 12 months,” Ajao said. “Automation of the real economy is here. This is the purpose of Base10’s establishment.”
The base of the LP also seems to match. “Base10 has earned our continued trust through its focus, portfolio and attitude towards founders,” said Sofina Principal Benjamin Sabatier. “This funding reflects what happens when companies stay focused on what they know.”
Alongside the fundraising campaign, Base10 reaffirmed its commitment to the Advancement Initiative. The Advancement Initiative is a program that donates up to 50% of your interest to students from underrepresented backgrounds pursuing careers in technology.
CodePath, a key partner in this effort, was recently named Anthropic’s lead economic mobility partner to bring AI-native engineering to students who have historically been excluded from the industry. This year, Base10 hosted an event in collaboration with CodePath, Anthropic, and OpenAI to connect educators, students, and HR leaders on their journey to AI.
big picture
A deeper problem with Base10 is execution at scale.
As AI investment increasingly floods applications, companies that get in early and build an advantage must prove they can stay ahead of the crowd they helped create. Ajao and Nahigian are betting with their latest funding that the next New Bank or Brex is already in their portfolio.
